Jim Cramer: What SAP's New CEOs Mean for the Company

SAP CEO Bill McDermott is stepping down from the company effective immediately.

Two board members, Jennifer Morgan and Christian Klein, were appointed co-CEOs of the largest European-based software company. Morgan headed the company's cloud division, while Klein served as SAP's chief operating officer.

McDermott announced his surprise departure just hours after SAP published stronger-than-expected third-quarter profit and a 37% increase in cloud revenue.